Friday, February 1, 2008

Microsoft Offers To Buy Yahoo !

Microsoft has made a formal offer for Yahoo, the software giant wants to buy the search engine for $44.6 billion.Microsoft is bidding $31 per share for Yahoo, which is 62% more than Yahoo's closing stock price Thursday at $19.18.

Commenting on the proposal, Steve Ballmer, chief executive officer of Microsoft said, "We have great respect for Yahoo!, and together we can offer an increasingly exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market."

Yahoo! can offer a competitive choice while better fulfilling the needs of customers and partners. The combination will create a more efficient company and will generate at least $1 billion in annual synergy for the combined entity.

Microsoft has developed a plan and process that will include the employees of both companies to focus on the integration of the combined business.

"We believe our combination will deliver superior value to our respective shareholders and better choice and innovation to our customers and industry partners," Ballmer said.

The company plans to offer significant retention packages to Yahoo! engineers, key leaders and employees across all disciplines.


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